Signing The Title

[Terri]

We have been going through Chase to obtain a loan. Finally after taking two months we have the final papers. We are in a major snag. Chase expects us to get the title signed over by the current owner and have the keys in our possession before they will send the sellers the check which is 95% of the selling price. They (Chase) say it is their policy. The sellers attorney will not advise them to do it. Now what do we do? HELP!

[John]

The sellers should get the check at the closing after they have signed all of the closing papers. I can't see a bank delivering a check before the closing.

[rmurray]

I am a bit confused...Is this a mortgage through Chase Mortgage...or..a home only loan through Chase Manufactured Homes finance?


Sounds like a home only loan...If so, I do not blame the seller for not transferring title...Actually I would have thought that Chase would want to handle the title proceedure....Aounds like there should be a closing with a third party attorney..and an escrow account...

OR..

Chase could draft for the title...There is a way to work this out...The seller should be happy to sell and his attorney should be able to help..

Chase will probably be happy to work with a responsible party...like an attorney..

[Terri]

This is a home only loan through Chase Manufactured Homes finance. Since I went through the Chase home page to find them, I considered them reputable.
We requested the third party scenario. There is a local Chase Mortgage agent in our area (Lansing, Kansas). We suggested going through that office when it came to signing over the title and handing the seller their check. Chase flatly refused. Their response is that is not the way they do it
These are the items they sent us to be signed notarized and sent back before they will call us for a phone audit:
Notarized and completed by Buyers:
Consumer loan note and security agreement
Loan application
Property locator
Power of attorney
Name affidavit
Lien perfection
Bill of sale
Down payment verification form
Proof of down payment made
Chase privacy policy form
Chase insurance form (Binder should be attached)
Copies Drivers License
Consumer home note and agreement for payment
Title and registration manual application
Sellers
Power of attorney
Name affidavit
Original certificate of title

Phone audit:
In order for Chase to complete the funding, the buyer needs to have possession of home with all installed options in its permanent location. A phone audit verifying the stasis of the loan will be completed prior to the funding of the loan.

[Terri]

Sorry, when I tried to insert a tab, it submitted my unfinished message. Here is the rest of my message and the list once more (perhaps clarified better).

Notarized and completed by Buyers:
Consumer loan note and security agreement
Loan application
Property locator
Power of attorney
Name affidavit
Lien perfection
Bill of sale
Down payment verification form
Proof of down payment made
Chase privacy policy form
Chase insurance form (Binder should be attached)
Copies Drivers License
Consumer home note and agreement for payment
Title and registration manual application
Sellers
Power of attorney
Name affidavit
Original certificate of title

Phone audit:
In order for Chase to complete the funding, the buyer needs to have possession of home with all installed options in its permanent location. A phone audit verifying the stasis of the loan will be completed prior to the funding of the loan.
We were told we must also have possession of the keys before the check is issued.

We really appreciate your help. Thank you!

[Terri]

Notarized and completed by Buyers:
Consumer loan note and security agreement
Loan application
Property locator
Power of attorney
Name affidavit
Lien perfection
Bill of sale
Down payment verification form
Proof of down payment made
Chase privacy policy form
Chase insurance form (Binder should be attached)
Copies Drivers License
Consumer home note and agreement for payment
Title and registration manual application

Sellers:
Power of attorney
Name affidavit
Original certificate of title

[rmurray]

Terri

This is the exact proceedure that a dealer has to follow to handle this deals.....

This is slightly different than putting the title into your name...This is sending the title to the lender to transfer..Believe me Chase Bank will not accidentally give you the home free..They will only process the title after your interview and they have sent funds..

There is NO WAY they will send the funds with out being sure ALL paperwork..including the title are in order...This is the normal way of doing business...You might want to talk to a supervisor and have them call the seller or the sellers attorney...It would not matter which bank you went with...The proceedure is the same...

Chase is about the best bank in the business in a big way..

[Terri]

You have been a great help. It is a great blessing to have someone objective to turn to.
I appreciate all your time and knowledge.
Thank you